Author: Graeme

Tekmar Group ignites growth strategy with proposed acquisition of Subsea Innovation

Tekmar Group plc, a market-leading technology provider of protection systems for subsea cable, umbilical and flexible pipes and offshore engineering services, is pleased to announce that it has today signed a sale and purchase agreement for the acquisition of Subsea Innovation Ltd. The Proposed Acquisition is subject to shareholder approval.

The proposed acquisition represents the Group’s first transaction since its successful AIM admission in June 2018, launching the Group’s strategy to acquire offshore energy businesses which have a clear technology focus, have complementary customer bases and can leverage Group support. Subsea Innovation, which currently operates largely in the global oil and gas market will bring world-class engineering in the design, development and manufacture of back deck equipment and subsea pipeline repair clamps (“EPRC”) to Tekmar’s portfolio, along with a blue chip client list and a skilled engineering team.

James Ritchie, CEO of Tekmar Group plc, said:

“When we floated on AIM we promised investors a dynamic business with a clear plan for the future. Today is just one part of the implementation of that plan and we are delighted to welcome Subsea Innovation into the Tekmar Group.”

He continued “As we continue through into 2019, you will continue to see us work towards our vision to become the partner of choice for the supply and installation support of subsea protection technology to the global energy markets. We will continue to put clients first and continue to innovate to remain at the forefront of the world’s offshore energy industries.”


Subsea Innovation is a world leader in the design, manufacture and supply of complex engineered equipment and technology used in the offshore energy market. Its products range from large equipment handling systems which operate on the back of installation vessels, pipeline repair clamps which protect major oil and gas pipelines, and equipment for the construction of offshore oil and gas projects. The business also has an extremely skilled engineering design team who develop world-leading concepts for some of the world’s most challenging and exciting projects.

Subsea Innovation employs 27 skilled staff, including a highly experienced management team, all of whom will remain with the business post acquisition.

The addition of Subsea Innovation’s engineering team will add 16 specialist engineers to aid the development of new products for Group companies; in addition to adding long standing relationships with key EPC clients such as Technip FMC, Saipem and Subsea7 and oil and gas operators including the likes of BP, Shell and Total.

Subsea Innovation and Tekmar have shared heritage. In 2011, Tekmar Subsea Limited, originally founded by two commercial divers in 1985, divided to form two new entities Tekmar Energy Limited and Subsea Innovation Ltd.

Alasdair MacDonald, Non-executive Chairman of Tekmar, said:

“Given the heritage, focus on engineering excellence, complementary products, shared markets and Subsea Innovation’s track record in the delivery of back deck deployment equipment, the Board of Tekmar believes the acquisition is an excellent commercial, cultural and technical fit.”

He continued “Our vision is to continue building on Tekmar’s position as the global leader in subsea cable protection systems in the offshore wind market and to become the partner of choice for the supply of subsea protection equipment to the global energy markets. Subsea Innovation bring new capabilities, new markets and strong cross selling opportunities to the Group. Subsea Innovation’s blue chip global client base will open up new sales opportunities for our offshore wind business. Equally, we expect Subsea Innovation to benefit from Tekmar’s trusted name in offshore wind, opening up sales and supply chain opportunities for the previously wholly oil and gas focused business.”

Dave Thompson, Managing Director of Subsea Innovation, added:

“The team at Subsea Innovation is hugely excited by this move and view it as the start of the next phase in the development of our business. The oil and gas market is already showing clear signs of recovery; Tekmar’s backing and its global offices and support functions would enable us to capitalise on this upturn and make strides towards our goal to become a global leader in both oil and gas and offshore wind.”

Subsea Innovation will continue to trade under its own name and remain as a separate legal entity. There will be no disruption or change for its customers.

Tekmar Launches ‘Tekcare’ Health and Safety Initiative

Tekmar Energy (Tekmar®) a market leading technology provider of protection systems for subsea cable, umbilical and flexible pipes and offshore engineering services, are pleased to announce the launch of their new Health and Safety Programme ‘Tekcare’.

Tekmar’s ‘values’ state that; “people are our greatest assets and we ensure that Safety is paramount to everything we do for our people, our customers and the environment in which we operate.  We always aim higher than industry standards.”  To exceed these ‘values’, the decision was taken to launch Tekcare across the business and align it with the transition to the recently updated ISO 45001 Standard and introduction of cloud-based Induction and Training platforms for both employees and visitors.

Tekmar strive to actively promote a pro-active attitude towards HSQE by all stakeholders and has a Safety-First approach throughout everything they do.  Managing Director Russell Edmondson said “We prioritise Safety (we do it safe!), then Quality (we do it right!), then Output (we do it efficiently!)”.

Tekcare was introduced throughout Tekmar to ensure Safety remains a priority as the Company continues to grow.  HSQE Manager, Rob McGill said “the naming of a Safety Programme is just as important as its contents.  The need to convey a message within the title whilst carrying an element of North East humour made this a simple decision.  ‘Tekcare’ – (Take care) is designed to encourage an open, feedback-rich culture amongst employees, whilst offering open communication between management and employees. without prejudice”.

Established in 1985 and employing over 100 members of staff, Tekmar supplies products and services globally from multiple manufacturing, testing facilities and regional offices in Asia, the Middle East and North America.

Ørsted selects Tekmar Energy for Borssele I&II along with a 6 year framework

Tekmar will be supplying the latest TekLink® Generation 8 cable protection system which offers reduced cost, improved installation efficiency and is the ultimate subsea protection solution for power cables within offshore wind.

Tekmar Energy (Tekmar®) are pleased to announce Orsted (the former DONG Energy)  have selected their patented Cable Protection System (CPS) TekLink® Mechanical Latch for their Borssele 1&2 Offshore Wind Farm Projects.

Alongside this recent win, Tekmar® are also pleased to announce they have successfully won a place on Orsted’s 6-year framework for providing Cable Protection Systems on their future projects.

Borssele I&II, a 752MW project which will go into construction off the coast of Holland in 2020 is of significance being one of the first projects to start a trend of significant price reductions within the Offshore Windfarm industry.

Tekmar said, “One core value for Tekmar® is its customers and we therefore could not be more pleased that Ørsted have chosen Tekmar not only for the Borssele I&II project, but also to be part of a framework going forward. This supports our vision to want to be the partner of choice and will drive us to innovate to support in cost and risk reduction for this project and the next generation of offshore wind farms”.

As part of the Borssele I&II, Tekmar will be supplying their latest TekLink® Generation 8 CPS, which has been developed for Ørsted offering a new, innovative and marketing leading approach to improved O&M risk and cost reduction. Borssele I&II marks Tekmar’s 64th project within the Offshore Wind industry, taking the total number of systems that they have supplied to well over 6,200.

Admission To Trading On Aim And First Day Of Dealings

This Announcement is not an admission document or a prospectus and should not be construed as an offer or form part of any offer to sell or issue, or solicitation of an offer to purchase or subscribe for, any of the securities mentioned in this Announcement nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. In particular, these materials are not an offer of securities for sale in the United States. Investors should not subscribe for or purchase any transferable securities referred to in this Announcement except on the basis of information in the Admission Document published on 14 June 2018.
20 June 2018
Tekmar Group plc
(“Tekmar” or the “Company”)

Tekmar Group plc, a market-leading technology provider of protection systems for subsea cable, umbilical and flexible pipes and offshore engineering services, is pleased to announce that Admission will occur, and dealings in its shares will commence, at 8.00 a.m. today, 20 June 2018.
Dealings in the shares will commence under the ticker “TGP”, the ISIN number is GB00BDFGGK53 and SEDOL BDFGGK5.
Upon Admission, the Company will have a market capitalisation of approximately £65 million, following a successful total fundraise of approximately £61.8 million (before expenses). The fundraise, which was well supported by blue chip institutional investors, will be used principally to fund the cash consideration payable under the Acquisition Agreement to acquire Tekmar Limited, to repay debt within the Group and to provide approximately £10 million for the Company to fund future expansion and acquisitions.
James Ritchie, CEO of Tekmar, said:
“Today is an historic day for Tekmar, marking the start of the next phase of our planned expansion and development. Being an independent quoted company brings additional advantages and prestige to the Group and we firmly believe it will enable us to accelerate our growth and maximise our potential.
“I thank everyone who helped Tekmar Group plc achieve this successful flotation, especially our driven management and our loyal employees, who are the heartbeat of this business.”

Tekmar Group plc
James Ritchie, Chief Executive Officer
Sue Hurst, Chief Financial Officer
 +44 (0)1325 379 520

Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett / Jen Clarke
 +44 (0)20 7383 5100

Berenberg (Sole Global Coordinator and Broker)
Chris Bowman / Ben Wright / Laure Fine
 +44 (0)20 3207 7800

Belvedere Communications (Financial PR)
John West / Llew Angus
+44 (0) 20 3567 0515